Just as many millions of Canadians have added PayPal to their financial wallets, our strategy is to give all Canadians a compelling reason to add Mogo to their financial wallet, by giving them value and utility they're not getting from their current financial providers and making it easy to do so,

just as many millions of canadians have added paypal to their financial wallets our strategy is to give all canadians a compelling reason to add mogo to their financial wallet by giving them value and utility they're not getting from their current financial providers and making it easy to do so


As far as how long does it take for a customer to go from a low-volume utilization to high-volume utilization, it is all about reimbursement.

as far as how long does it take for a customer to go from a low volume utilization to high volume utilization it is all about reimbursement


and then managing the net price realization, because somewhere there is a satisfaction at the customer end when you get a higher discount. So we will have to raise prices and then we have to give a higher discount and that is the basis on which we are going about it.

and then managing the net price realization because somewhere there is a satisfaction at the customer end when you get a higher discount so we will have to raise prices and then we have to give a higher discount and that is the basis on which we are going about it


potentially requiring some technology customization. As we've expanded our reach and introduced the SDK, the number of whales in our ocean is expanding, making us less dependent on any single partnership.

potentially requiring some technology customization as we've expanded our reach and introduced the sdk the number of whales in our ocean is expanding making us less dependent on any single partnership


I couldn't clearly understand why it is done by Chugai. Working together or business integration with Roche Diagnostics may be considered in the foreseeable future. Will

i couldn't clearly understand why it is stand by chugai working together or business integration with roche diagnostics may be considered in the foreseeable future


We would like to thank you today for your participation in our first quarter earnings call. We thank you for your support and interest in Genuine Parts Company, and we look forward to reporting out our second quarter results in July. Thank you, and have a great day.

we'd like to thank you today for your participation in our first quarter earnings call we thank you for your support and interest in genuine parts company and we look forward to reporting out our second quarter results in july thank you and have a great day


with the space around. I think it's a very long tail business. We are talking of a very large base of assets all of which will probably be available over the next 6 to 12 months really. So we are patiently going ahead with that, really.

with the space around i think it's a very long-tail business we're talking of a very large base of assets all of which will probably be available over the next 6 to 12 months roughly so we are patiently going higher with that


And sure, in years where there's been strong movement in the capital markets across the board, we take time to walk our clients through our portfolios and our net returns that we walk -- that we deliver for them.

and sure in years where there's been strong movement in the capital markets across the board we take time to walk our clients through our portfolios and our net returns that we walk -- that we deliver for them


Can you give us some sense of what the rate of growth was in the ROADM business quarter-to-quarter? It looks to me as I play with the numbers that it was very steep. And I'm looking at the guide, and I'm thinking,

can you give us some sense of what the rate of growth was in the roadm business quarter-to-quarter it looks to me as i play with the numbers that it was very steep and i -- looking at the guide and i'm thinking


Dialysis in China has been experiencing double-digit growth in recent years due to promulgation of a new reimbursement system called Severe Disease that makes dialysis reasonably affordable for most patients in major cities.

dialysis in china has been experiencing double-digit growth in recent years due to promulgation of a new reimbursement system called severe disease that makes dialysis reasonably affordable for most patients in major cities


So if you just like to turn to Slide 4 now, and if we just consider the underlying results for a moment, you'll see how Fleetwood's results have moved over the last 4 years. And while I mentioned revenue and EBIT a moment ago,

so if you'd just like to turn to slide 4 now and if we just consider the underlying results for a moment you'll see how fleetwood's results have moved over the last 4 years while i mentioned revenue and ebit a moment ago


I am particularly excited to have announced the acquisition yesterday of the SIA Snow Show, the leading national ski and snowboard B2B trade show, expanding and strengthening our position within the outdoor sports and recreation sector.

i am particularly excited to have announced the acquisition yesterday of the sia snowshow the leading national ski and snowboard b2b trade show expanding and strengthening our position within the outdoor sports and recreation sector


Was that a property that you were interested in and you didn't want to pay as much as they paid? Or was that just not a property that interested you at all?

was that property that you were interested in and you didn't want to pay as much as they paid or was that just not a property that interested you at all


As a result of discussions with parties related to the decommissioning of the project, including the local government, the partner towards whom we provided guarantees is to receive tax refunds, which enabled us to reverse the provision made earlier.

as a result of discussions with parties related to the decommissioning of the project including the local government the partner towards whom we provided guarantees is to receive tax refunds which enabled us to reverse the provision made earlier


There is now a strong opportunity for doing a turnaround of this situation as we are now applying in the country all the profitability protection policies we have successfully implemented in Europe.

there is now a strong opportunity for doing a turnaround of this situation as we are now applying in the country all the profitability protection policies we have successfully implemented in europe


come through yet in a incredibly meaningful way what could happen with some of our end markets with some booster shots related to infrastructure spending. So I'm excited about

come through yet in an incredibly meaningful way what could happen with some of our end markets with some booster shots related to infrastructure spending so i'm excited about


We believe that these non-GAAP financial measures assist management and investors in evaluating our performance and preparing period-to-period results of operations in a more meaningful and consistent manner as discussed in greater detail in the supplemental schedules to our earnings release.

we believe that these non-gaap financial measures assist management and investors in evaluating our performance and preparing period-to-period results of operations in a more meaningful and consistent manner as discussed in greater detail in the supplemental schedules to our earnings release


steel trackers that are negotiated because that is a viable commodity. And on a long lead time project, you're not sure what it's going to be when you get there. We have gone from having steel trackers, we've done some preorders, we've done a variety of things, and

steel trackers that are negotiated because that is a variable commodity and on a long lead time project you're not sure what it's going to be when you get there we've gone from having steel trackers we've done some pre-orders we've done a variety of things


is still a strategic element to work out. So I don't have firm guidance on that right now. But ultimately, because we view it as more likely that it will be in combination, we do -- we will be

is still a strategic element to work out so i don't have firm guidance on that right now but ultimately because we view it as more likely that it will be in combination we do -- we will be


Yes, Julian, that's -- and I'll just put it in perspective. We've had that particular item being noticeably negative on our margin for the first 3 quarters of this year. And getting that to be neutral for us for the fourth quarter

yes julian that's -- and i'll just put it in perspective we've had that particular item being noticeably negative on our margin for the first 3 quarters of this year and getting that to be neutral for us for the fourth quarter


of the regulated business is to continue to invest. And as mentioned by Jean-Marc, it's one of the reasons why we decided to get a partner in order to have more financial flexibility

of the regulated business is to continue to invest and as mentioned by jean-marc it's one of the reason why we decide to get a partner in order to have more financial flexibility


is absolutely critical. It's absolutely critical. We have great people in this organization. I don't need a wholesale change of leadership or folks in the organization. I have confidence in the team. What we need to do is to create a framework

is absolutely critical it's absolutely critical we have great people in this organization i don't need a wholesale change of leadership or folks in the organization i have confidence in the team what we need to do is to create a framework


In addition, we're opening up a store in lower Manhattan and in Brickell. So I think as we continue to upgrade our Saks locations and the quality of our Saks stores, that also is important for our brand.

in addition we're opening up a store in lower manhattan and in bricel so i think as we continue to upgrade our saks locations and the quality of our saks stores that also is important for our brand


This, together with the enhanced partnership with Phoenix, makes us confident that this will be reflected inflows over time. There's still work to be done, but the foundations are in place for a modern dynamic,

this together with the enhanced partnership with phoenix makes us confident that this will be reflected in flows over time there's still work to be done but the foundations are in place for a modern dynamic


And one of the pieces is definitely just what commercial loans and the way they pay every day and the month matters. And so February cost us a couple of basis points every first quarter

and one of the pieces is definitely just what commercial loans and the way they pay every day in the month matters and so february cost us a couple of basis points every first quarter


The progress we've made on our capital cost structure, operational cost structure and overall capital efficiency these last 3 years during the downturn has been phenomenal. EOG has never been more efficient in its history.

the progress we've made on our capital cost structure operational cost structure and overall capital efficiency these last 3 years during the downturn has been phenomenal eog has never been more efficient in its history


So I guess the question is, how do you -- or how should we think about the ROI on all these reinvestments? Is this just simply -- is this just symptomatic of a higher cost of growth structurally as you work through changes at the retail and consumer level?

so i guess the question is how do you -- or how should we think about the roi on all these reinvestments is this just symptomatic of a higher cost of growth structurally as you work through changes at the retail and consumer level


that cadence. What also affects that ramp rate is the number of different services that we offer. So right now, we're offering about 5 to 6 unique types of services, and we have programs in the pipeline that are coming. So each one of those

that cadence what also affects that ramp rate is the number of different services that we offer so right now we're offering about 5 to 6 unique types of services and we have programs in the pipeline that are coming so each one of those


And so I would say the current consensus is probably a little bit below what we establishes our budget number back in October, so I'd say there's a little downside to that. I don't think it will materially impact

and so i would say there's -- the current consensus is probably a little bit below what we established as our budget number back in october so i'd say there's a little downside to that i don't think it will materially impact


which has driven and we expect will continue to drive faster and more efficient implementations. Also, please know a large majority of Q4 services revenue is expected to come from -- from our backlog of services

which has driven and we expect will continue to drive faster and more efficient implementations also please note a large majority of q4 services revenue is expected to come from our backlog of services


I don't foresee any significant other changes on that level. I think it's fair to say that over the last 12 months, we have made some new assignments on people who are leading countries,

i don't foresee any significant other changes on that level i think it's fair to say that over the last 12 months we have made some new assignments on people who are leading countries


One of these challenges is supporting the increasingly complex disabled and elderly populations, which includes a rise in the number of elderly people who face functional and cognitive limitations.

one of these challenges is supporting the increasingly complex disabled and elderly populations which includes a rise in the number of elderly people who face functional and cognitive limitations


The effective tax rate in the third quarter of 2017 was lower than the federal statutory rate of 34%, primarily due to the impact of foreign tax rates and permanent differences between book and tax income.

the effective tax rate in the third quarter of 2017 was lower than the federal statutory rate of 34% primarily due to the impact of foreign tax rates and permanent differences between book and tax income


Before we begin the call today, I would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances, industry conditions, company performance and financial results.

before we begin the call today i would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances industry conditions company performance and financial results


So clearly, interim analysis ongoing. When I talk to your corporate communications person, I was told that an independent monitoring board would inform you that

so clearly interim analysis is ongoing when i talked to your corporate communications persons i was told that an independent monitoring board would inform you that


The final rule was just published last Friday, October 23, and the final impact of the rule will note not be known until the state implementation plan or the state's specific federal implementation plan has been developed.

the final rule was just published last friday october 23 and the final impact of the rule will not be known until the state implementation plan or the state-specific federal implementation plan has been developed


During the first quarter of 2017, the prior owner successfully negotiated the settlement of these matters at amounts that were less than previously estimated. As a result, our exposure to those matters was eliminated.

during the first quarter of 2017 the prior owner successfully negotiated the settlement of these matters at amounts that were less than previously estimated as a result our exposure to those matters was eliminated


Because of the size of uplift, we are tracking it separately. We said we'll do this and we're going to call out the numbers separately. And when you get to the segmental piece, you'll see both before and after, and here we just kept it at the before Project Uplift.

because of the size of uplift we are tracking it separately we said we do this and we're going to call out the numbers separately and when you get to the segmental piece you'll see both before and after and here we just kept it at the before project uplift


Yes. So I want to correct you on one thing. We don't give guidance, so it was a target and an aspirational target that we've actually worked towards and sustained. And so we really don't want to get into the thought process that this is guidance.

yes i want to correct you on one thing we don't give guidance so it was a target and an aspirational target that we'd actually work towards and sustain and so we really don't want to get into the thought process that this is guidance


considered some of the, what I'll call industry shortages when it comes to components and looked at this might be a good time to execute, refresh. And we certainly saw that in both our notebook and our desktop. I think that was

considered some of the what i'll call industry shortages when it comes to components and looked at this might be a good time to execute the refresh and we certainly saw that in both our notebook and our desktop i think that was


Tony, just moving on beyond Swan and Macassa, it was interesting to note in the reserve update that you noted that you're not really doing much drilling at Holt right now, just given the royalties.

yes thanks very much tony just moving on beyond swan and casa it was interesting to note in the reserve update that you noted that you're not really doing much drilling at holt right now just given the royalties


With the promise to provide innovative and robust products and improved responsiveness taking root, we look to further develop our Midwest channel and begin expanding our indirect channel into additional regions of the country within

with the promise to provide innovative and robust products and improved responsiveness taking root we look to further develop our midwest channel and begin expanding our indirect channel into the addition -- into additional regions of the country within 20


I'd now like to discuss our guidance for the full year and the first quarter of 2019. The guidance we are providing today is in line with the preliminary outlook we provided in October when we reported our third quarter results.

i'd now like to discuss our guidance for the full year and the first quarter of 2019 the guidance we are providing today is in line with the preliminary outlook we provided in october when we reported our third quarter results


In this quarter, I'm pleased to report that our commercial efforts have paid off in positive growth pretty much across the board. At the same time, I am disappointed that our underlying productivity did not fully translate to the bottom line.

in this quarter i'm pleased to report that our commercial efforts have paid off in positive growth pretty much across the board at the same time i am disappointed that our underlying productivity did not fully translate to the bottom line


Brian will go into more detail in the quarter and our full year guidance momentarily. Before I turn the call over to him, I'll give a bit of color on each of our strategic priorities, first, on investing to bring millions more customers to our marketplace.

brian will go into more detail on the quarter and our full year guidance momentarily if i turn the call over to him i'll give a bit of color on each of our strategic priorities first on investing to bring millions more customers to our marketplace


If I could draw your attention to the safe harbor statement on Slide 2 of the presentation, I'd like to remind participants on this morning's call that our presentation includes some forward-looking statements about Monro's future performance.

if i could draw your attention to the safe harbor statement on slide 2 of the presentation i'd like to remind participants on this morning's call that our presentation includes some forward-looking statements about monro's future performance


We have also made good progress in our plan to reduce controllable expenses starting with this quarter. I'd like to point out that some of these expense reductions will come through some of our segments and are not all on our corporate activities' lines, although we have made some workforce reductions

we have also made good progress in our plan to reduce controllable expenses starting with this quarter i would like to point out that some of these expense reductions will come through some of our segments and are not all in our corporate activities line although we have made some workforce reductions


A strong U.S. dollar, particularly against a weakening Chinese yuan and British pound, will continue to impact our reported results for most of the year, but we are hopeful that this devaluation has begun to stabilize.

a strong u s dollar particularly against the weakening chinese yuan and british pound will continue to impact our reported results for most of the year but we are hopeful that this devaluation has begun to stabilize


These actions not only highlight our commitment to increasing shareholder value to return of capital, but they also demonstrate our continued confidence that Wabash has a sustainable earnings stream and future cash flows that make these activities possible.

these actions not only highlight our commitment to increasing shareholder value through return of capital but they also demonstrate our continued confidence that wabash has a sustainable earnings stream and future cash flows that make these activities possible


Further, our Wabash Composites business contributed nicely as we saw both revenues and margins rise significantly from those in the fourth quarter of 2014. That said, it's important to make clear that while the

further our wabash composites business contributed nicely as we saw both revenues and margins rise significantly from those in the fourth quarter of 2014 that said it is important to make clear that while the


So I'm really not that nervous about what we believe is going to happen in the raw material markets, which we believe raws are going to move up next year, but we do believe we're going to move up in a fairly orderly fashion

so i'm really not that nervous about what we believe is going to happen in the raw material markets which we believe raws are going to move up next year but we do believe they're going to move up in a fairly orderly fashion


while maintaining the same look, feel and common usability. This strategy will be a key theme at our upcoming Knowledge Conference and Financial Analyst Day in Orlando and I hope to see many of you there.

while maintaining the same look feel and common usability this strategy will be a key theme at our upcoming knowledge conference and financial analyst day in orlando and i hope to see many of you there


initial commercial success we've had around the platform strategy, and the -- share with you what that means for the future, and then we'll finish up with the targets and ambition open it up for questions.

initial commercial success we've had around the platform strategy and the -- share with you what that means for the future and then we'll finish up with the targets and ambitions and open it up for questions


We are working with our current customers as they develop their strategies, and we see significant quote volume. We recently won a program for an automotive battery chiller program with an existing customer in Europe and are confident that we are well positioned in this important area.

we are working with our current customers as they develop their strategies and we see significant volume we recently won a program for an automotive battery killer program with an existing customer in europe and are confident that we are well positioned in this important area


Our third quarter revenue trends were also impacted by the timing of the July 4th holiday as well as last year's outage, which roughly offset each other on a unit basis.

our third quarter revenue trends were also impacted by the timing of the july 4 holiday as well as last year's outage which roughly offset each other on a unit basis


there's still a great deal of ways for us to go. We still think we are getting only a fraction of the value that we actually provide to folks who are selling video packages, and over time, that we will continue to close that gap.

there's still a great deal of ways for us to go we still think we are getting only a fraction of the value that we actually provide to folks who are selling video packages and over time that we will continue to close that gap


Last year, the Bureau covered every presidential primary and general debate, every important state primary, both conventions, countless events and down ticket races and of course, election night.

last year the bureau covered every presidential primary and general debate every important state primary both conventions countless events and down-ticket races and of course election night


On a full quarter basis, the ratio of new life insurance licenses to recruits was 17.4%, and we expect this ratio to continue to be near this range for the full year 2016. We also expect the ratio

on a full year basis the ratio of new life insurance licenses to recruits was 17 4% and we expect this ratio to continue to be near this range for the full year 2016 we also expect the ratio


their teams are focused on driving sales, too. So it's a series of things all playing a role, with the commitment internally here with our senior teams to actively manage performance to set, monitor and course correct

their teams are focused on driving sales too so it's a series of things all playing a role with a commitment internally here with our senior teams to actively manage performance to set monitor and course correct


aided by higher-margin process systems work, increased equity earnings and lower depreciation and amortization due to our classification of Technology operations as a discontinued operation.

aided by higher margin process systems work increased equity earnings and lower depreciation and amortization due to our classification of technology operations as a discontinued operation


in terms of how you model this, I would suggest to you that you should just look at the historic medium-term growth rates and expect that the airport volumes grow at about that level going forward.

in terms of how you model this i would suggest to you that you should just look at the historic medium-term growth rates and expect that -- that the airport volumes grow at about that level going forward


And even with the expansion of the crushing all the way through to the very end of December, there was sugarcane left in the fields that ended up being processed in March 2016, which is the last month of the crop year.

and even with the expansion of the crushing all the way through to the very end of december there was sugarcane left in the fields that ended up being processed in march 2016 which is the last month of the crop year


At a time when traditional toy companies and retailers are struggling, we believe our continued strong and consistent results are a testament to our differentiated business and operating model. Funko is not like any other company in the marketplace.

at a time when traditional toy companies and retailers are struggling we believe our continued strong and consistent results are a testament to our differentiated business and operating model funko is not like any other company in the marketplace


This process is complex, but necessary and it has been navigated exceptionally well with appropriate respect and sensitivity, and of course, by the corporate and operating teams with full support from our stakeholders.

this process is complex but necessary and it has been navigated exceptionally well with appropriate respect and sensitivity and of course by the corporate and operating teams with full support from our stakeholders


its brands, its products, its innovation, and it is driving that across all geographies in a very aggressive way, and it's been very successful, and we expect it to continue to do so.

its brands its products its innovation and it is driving that across all geographies in a very aggressive way and it's been very successful and we expect it to continue to do so


having finally received a full hearing last week. We are encouraged that the judge heard all arguments and indicated he would be prepared to issue a ruling based on the merits of the case in just a matter of weeks.

having finally received a full hearing last week we are encouraged that the judge heard all arguments and indicated he would be prepared to issue a ruling based on the merits of the case in just a matter of weeks


we believe we will be in the fortunate position of being able to continue to deliver foundational results from an earnings standpoint, which should enable the market to appreciate our quarterly dividend and security that naturally should go along with it.

we believe we will be in the fortunate position of being able to continue to deliver foundational results from an earnings standpoint which should enable the market to appreciate our quarterly dividend and security that naturally should go along with it


in the retail pharmacy environment. And I will say that the opioid prices has really changed the way that we interact with and work with these industries as well as state and federal government.

in the retail pharmacy environment and i will say this the opioid crisis has really changed the way that we interact with and work with these industries as well as state and federal government


The other thing I would just add just to supplement here, outside of the core process valve portion of Fluid Handling, we did see quite a bit of nice strength across the board in Fluid Handling. So we've been speaking largely here to what we see in the

the other thing i would just add just to supplement here outside of the core process valve portion of fluid handling we did see quite a bit of nice strength across the board in fluid handling so we've been speaking largely here to what we see in the


but what they might not be getting is future repeat purchases, so they kind of come and go. Because if you look at your friends in Paris or other places around the world, actually, it's their biggest brands which are doing really well.

but what they might not be getting is future repeat purchasers so they kind of come and go because if you look at your friends in paris or other places around the world actually it's their biggest brands which are doing really well


large. But if you look at some of our subsidiaries, we have call centers and we have companies that actually provide services, and in these entities, the turnover of employees is actually quite high. So it would be very difficult for us to

large but if you look at some of our subsidiaries we have call centers and we have companies that actually provide services and in these entities the turnover of employees is actually quite high so it would be very difficult for us to


Certainly, we're losing a lot of deals either to things that just don't make sense to us or to companies that we don't know for sure they know what they're doing because they haven't built plants or pipe in some period of time. So we're getting our fair share,

certainly we're losing a lot of deals either to things that just don't make sense to us or to companies that we don't know for sure they know what they're doing because they haven't built plants or piped in some period of time so we're getting our fair share


seems to have slowed down compared to the earlier except maybe some pockets, but in general the flow of problematic value received in our books seems to be much under control.

seems to have slowed down compared to the earlier except maybe in some pockets but in general the flow of problematic credit in our books seems to be much under control


The trade cases have helped stabilize import levels and lower the spreads, as metal prices overseas have increased to a level where it's not all that advantageous to buy foreign material.

the trade cases have helped stabilize import levels and lower the spreads as metal prices overseas have increased to a level where it's not all that advantageous to buy foreign material


I mean, yes, if you go out and buy business, it creates a problem in the marketplace. And we are not going to do that. So the business that we have is very focused and selective on how we can drive a value proposition for our customer.

i mean yes if you go out and buy business it creates a problem in the marketplace and we are not going to do that so the business that we have is very focused and selective on how we can drive a value proposition for our customer


Yes, absolutely. They have a big interest in seeing this get clarified and for the market to operate with more transparency and efficiency, if you will. And one of the -- if I'm an advertiser -- used to be a brand manager, so if I'm thinking about this from

oh yeah absolutely they have a big interest in seeing this get clarified and for the market to operate with more transparency and efficiency if you will and one of the -- if i'm an advertiser used to be a brand manager so if i'm thinking about this from


some of the hospitals that we've been dealing with are fairly restrictive in terms of concurrent and prior authorization for admissions. And so we're working with them to beef up that ability.

some of the hospitals that we've been dealing with are fairly restricted in terms of concurrent and prior authorization for admissions and so we're working with them to beef up that ability


Earlier this afternoon, we released our press release with summary results for our 2016 fiscal year, including a table showing our results by segment, which separately breaks out our Xcede loss.

earlier this afternoon we released our press release with summary results for our 2016 fiscal year including a table showing our results by segment which separately breaks out our xcede loss


Moving to Slide 3. Our agenda this morning begins with a brief overview of 2018 results and PPL's business outlook for 2019. I'll also provide a brief update on key regulatory developments.

moving to slide 3 our agenda this morning begins with a brief overview of 2018 results and ppl's business outlook for 2019 i'll also provide a brief update on key regulatory developments


in our e-commerce sales. That's why we see now a consistent growth in margin in all categories and all channels. Now speaking about operating expenses.

in our e-commerce sales that's why we see now a consistent growth in margin in all categories and all channels now speaking about operating expenses


This includes our ongoing work on space and category mix management, improvements to store layouts and environment as well as developing store formats that position us well for the future.

this includes our ongoing work on space and category mix management improvements to store layouts and environment as well as developing store formats that position us well for the future


We have quite a few participants in the call today. So that's why I would ask you to limit your questions to 2 in order to give as many people as possible the chance to ask questions. Thanks very much in advance for that.

we have quite a few participants in the call today so that's why i would ask you to limit your questions to 2 in order to give as many people as possible the chance to ask questions thanks very much in advance for that


We plan to develop this product candidate as a wholly owned program of the company and expect to submit regulatory filings in the first half of 2019. We plan to disclose the program and the development strategy at that time.

we plan to develop this product candidate as a wholly owned program of the company and expect to submit regulatory filings in the first half of 2019 we plan to disclose the program and the development strategy at that time


In terms of the way we look at how we deploy that capital to look at returns, that's a really interesting question because, really, it is about trying to deploy the capital as flexibly as possible

in terms of the way we look at how we deploy that capital to look at returns that's a really interesting question because really it is about trying to deploy the capital as flexibly as possible


and how it performed and the various elements that performed, we look at various equities, to which -- which in a great extent,

and how it performed and the various elements that performed we look at various equities to which -- or which in a great extent


and we can see that being reflected in improved performance in some of those equity asset classes. However, I have to tell you, it's going to take a bit of time for the full benefits of these improvements to be felt.

and we can see that being reflected in improved performance in some of those equity asset classes however i have to tell you it's going to take a bit of time for the full benefit of these improvements to be felt


We will be investing a lot of time and energy in these areas to ensure that we attract and retain the best employees possible across all areas of our business. I will now turn the call back over to Eddie. Thank you, John.

we will be investing a lot of time and energy in these areas to ensure that we attract and retain the best employees possible across all areas of our business i will now turn the call back over to eddie thank you john


to increase share ownership. This is really requiring our managers to put their short-term bonuses into the long-term share plans if they want to keep the same compensation and then benefit from the

to increase share ownership this is really requiring our managers to put their short-term bonuses into the long-term share plans if they want to keep the same compensation and then benefit from the


Well, stay tuned, and I'll update you on our ARC customer and usage metrics as well as a number of important milestones that bear evidence that ARC is gaining traction and indeed has the potential to drive very significant growth for the company.

well stay tuned and i'll update you on our arc customer and usage metrics as well as a number of important milestones that bear evidence that arc is gaining traction and indeed has the potential to drive very significant growth for the company


I think the only place, Mark, I would say we have a little bit of nuance there is, it would be in generality the addition of Smart Tuition would cause a bit of abnormality there. So Smart has a

i think the only place mark i would say we have a little bit of nuance there is it would be in generality that addition of smart tuition would cause a bit of abnormality there so smart has a


Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

ladies and gentlemen that does conclude the conference call for today we thank you for your participation and ask that you please disconnect your lines


building AI for CRM, is our ability to make it easy for our customers to use and adopt and benefit from this revolution we're seeing in AI. So what you're saying is just by turning on Einstein, our Commerce Cloud customers, for example, have seen some

building ai for crm is our ability to make it easy for our customers to use and adopt and benefit from this revolution we're seeing in ai so what you're saying is just by turning on einstein our commerce cloud customers for example have seen some


So it is a different mentality than just a focus on lowering LTIs. This is not an excuse though. We have been focusing on our Major Hazards Initiatives, identifying all our critical risks,

so it is a different mentality than just the focus on lowering ltis this is not an excuse though we have been focusing on our major hazards initiative identifying all our critical risks


As I said earlier in my prepared remarks, price remains well below the prior peak, even on a nominal basis. We believe there is further opportunity as this product is fundamentally useful and undoubtedly valuable.

as i said earlier in my prepared remarks price remains well below the prior peak even on a nominal basis we believe there is further opportunity as this product is fundamentally useful and undoubtedly valuable


Excluding the impact of this charge in the first quarter of the prior year, our other operating expenses improved 70 basis points primarily as a result of lower acquisition-related legal and consulting fees,

excluding the impact of this charge in the first quarter of the prior year our other operating expenses improved 70 basis points primarily as a result of lower acquisition-related legal and consulting fees


The industry demands development of new technologies, new products, new processes as well as improvements in quality and reliability. This plays well into our business portfolio and capabilities.

the industry demands development of new technologies new products new processes as well as improvements in quality and reliability this plays well into our business portfolio and capabilities


including the recent hiring of a Chief Medical Officer, who is now leading the company's clinical activities and strategy to an established network of consultants, CROs and in-house capabilities.

including the recent hiring of a chief medical officer who is now leading the company's clinical activities and strategy through an established network of consultants peers and in-house capabilities


By now, I'm sure you've seen our 2 press releases, and you're all Googling furiously. So before we discuss our second quarter results, let me take a few minutes to talk about my decision to retire and our plans for CEO succession.

by now i'm sure you've seen our 2 press releases and you're all googling furiously so before we discuss our second quarter results let me take a few minutes to talk about my decision to retire and our plans for ceo succession


In addition to completing the absorption of the supplemental dividends into our monthly dividends, our long-term goal over the transition period will be to continue to grow our total annual dividends at a level consistent with what we have delivered in the past.

in addition to completing the absorption of the supplemental dividends into our monthly dividends our long-term goal over the transition period will be to continue to grow our total annual dividends at a level consistent with what we have delivered in the past


As we do this, I will continue to view our significant cash balances as a strategic asset of the company that can wait patiently as we seek the right opportunities to invest in high-return-on-investment initiatives.

as we do this i will continue to view our significant cash balances as a strategic asset of the company that can wait patiently as we seek the right opportunities to invest in high return on investment initiatives


We appreciate that some of our assets are more difficult to value than with other REITs. To help your analysis and to better define our priorities in the initiatives under way, we'll be holding an Analyst Day including a deep dive NAV session

we appreciate that some of our assets are more difficult to value than with other reits to help your analysis and to better define our priorities and the initiatives underway we'll be holding an analyst day including a deep dive nav session


But that doesn't mean that results are a generation away or even 5 years away. Based on our current trajectory and the evolution of the landscape we are driving, we see this network effect contributing to the growth of our business now and expect that impact to accelerate in the coming years.

but that doesn't mean that results are a generation away or even 5 years away based on our current trajectory and the evolution of the landscape we are driving we see this network effect contributing to the growth of our business now and expect that impact to accelerate in the coming years


I will use the remainder of my time here to review the key strategic benefits we expect to see from the merger and then discuss our vision, progress to date and the next steps for fully leveraging the strengths of the combined firms.

i will use the remainder of my time here to review the key strategic benefits we expect to see from the merger and then discuss our vision progress to date and the next steps for fully leveraging the strengths of the combined firms


Let's turn to Annuities on Slide 12. Annuities are a core enablement capability for our wealth management business and part of our important set of solutions tailored to meet our clients' needs.

let's turn to annuities on slide 12 annuities are a core enablement capability for our wealth management business and part of our important set of solutions tailored to meet our clients' needs


to the nuclear fuel experts, but also other experts from the utilities. And finally, at least annually, there's a full formal meeting of all the members in the same room that sometimes

to the nuclear fuel experts but also other experts from the utilities and finally at least annually there's a full formal meeting of all the members in the same room that sometimes


bring it online each year? Well, it's really a little bit of both. I mean, when we look at the demand in the areas where we see that we're going to be able to either fill the site -- some of the sites are RVs, so either fill it with the RV or fill it with a manufactured home.

bring it online each year well it's really a little bit -- it's a little bit of both when we look at the demand in the areas where we see that we're going to be able to either fill the site -- some of the sites are rvs so either fill it with the rv or fill it with a manufactured home


a brand-new go-to-market process that has been really transformational for the company, and we even really haven't even seen the benefit of that till beginning in spring 2019. But you're starting to see some of that come together with just the timing.

a brand new go-to-market process that has been really transformational for the company and we even really haven't even seen the benefit of that till beginning in spring 2019 but you're starting to see some of that come together with just the timing


the executive team. But it's much bigger than that because it has to be a holistic buy-in from the entire company to deciding that we're just going to be better at how we operate. And that also isn't limited to just structure, process,

the executive team but it's much bigger than that because it has to be a holistic buy-in from the entire company to deciding that we're just going to be better at how we operate and that also isn't limited to just structure process


Yes. So no, I think that it's a fair question, Bill. So clearly, this is something that we continue to work on. And the program that we have currently, when you're talking about the sizable deals that would be visible to you,

yes so no i think that is a fair question bill so clearly this is something that we continue to work on and the program that we have currently when you're talking about decidable deals that would be visible to you


Looking at each market on a constant currency basis, sales to the food market increased 6% on increased sales to the dairy creamer, sour cream and infant formula categories.

looking at each market on a constant currency basis sales to the food market increased 6% on increased sales to the dairy creamer sour cream and infant formula categories


We wanted the extra time to ensure the quality of our financial information as it relates to consolidating the acquisition financials, primarily purchase accounting tax entries. We do not expect this to impact any previous reporting periods,

we wanted the extra time to ensure the quality of our financial information as it relates to consolidating the acquisition financials primarily purchase accounting tax entries we do not expect this to impact any previous reporting periods


from that -- those superlot transfers that's coming forward in the Residential business. We're more interested in looking at a holistic approach to our business going forward and part of that is to make sure that we continue to grow

from that -- those super lot transfers that's coming forward in the residential business we're more interested in looking at a holistic approach to our business going forward and part of that is to make sure that we continue to grow


The compression that you see in margins, the pressure that you see on the bottom line for next year is entirely about currency. A portion of it related to the depreciation in the British pound, a portion of it related to the roll-off of our hedging positions.

the compression that you see in margins the pressure that you see on the bottom line for next year is entirely about currency a portion of it related to the depreciation in the british pound a portion of it related to the roll-off of our hedging positions


smaller partners are getting trained and vetted as to provide help in the implementation and integration, again, largely in some of the newer products. And so you just get the sense that the ecosystem is just starting to pick up

smaller partners are getting trained and vetted as to provide help in the implementation integration again largely in some of the newer products and so you just get the sense that the ecosystem is just starting to pick up


Mike, would we expect -- let's assume that pricing doesn't develop as you expect. Obviously, that's plan A. But, let's say we're instead working with plan B. Does the ultimate reduction

mike would we expect -- let's assume that pricing doesn't develop as you expect obviously that's plan a but let's say we're instead working with plan b does the ultimate reduction


I guess, second quarter, it got pushed back a little bit. So from our perspective, it's really timing of large work. I think that, as I said earlier, the fundamentals are there and I think that, that is a market that is returning and getting a lot better, to your point.

i guess second quarter it got pushed back a little bit so from my perspective it's really timing of large work i think that as i said earlier the fundamentals are there and i think that that is a market that is returning and getting a lot better to your point


Leading producers in the STACK are testing spacing profiles in the multiple landing zones of the Meramec and Woodford formations as well as evaluating the Osage, Oswego and Sycamore formations.

leading producers in the stack are testing spacing profiles in the multiple landing zones of the merrimack and woodford formations as well as evaluating the osage osuago and sycamore formations


Let me show you in the following how we have brought this concept to life in the context of our T-Online acquisition. Udo has shown you the results already, and I would like to illustrate in more detail the operational processes behind.

let me show you in the following how we have brought this concept to life in the context of rti online acquisition ulu has shown you the results already and i would like to illustrate in more detail the operational processes behind


And it puts us in a position, as long as we can fill the airplane up with customers, that we'll have a lower cost and can keep your fares lower. So that's the importance of considering the gauge. You just can't take that

and it puts us in a position as long as we can fill the airplane up with customers that will have a lower cost and can keep your fares lower so that's the importance of considering the gauge you just can't take that


Club Pilates and America's Best, uses that are really driving that small shop growth that Jim mentioned earlier. And the spaces that are part of redevelopments and outparcels, we expect to drive considerable

club pilates and america's best uses that are really driving that small shop growth that jim mentioned earlier and the spaces that are part of redevelopments and out parcels we expect to drive considerable


These data show that our product with ARISTADA safety and tolerability profile does not require a trade-off in terms of antipsychotic efficacy and we believe this will be important to physicians making treatment choices for their patients with schizophrenia.

these data show that a product with arysta's safety and tolerability profile does not require a trade-off in terms of antipsychotic efficacy and we believe this will be important to physicians making treatment choices for their patients with schizophrenia


that to certain extent, but at Reliance, our diversification strategy that we've tried to build company around, we think helps mitigate that offset because we've got positive on markets with growth at the same time that we're experiencing

experiencing that to a certain extent but at reliance our diversification strategy that we've tried to build the company around we think helps mitigate that offset because we've got positive markets with growth at the same time that we're experiencing


I think we've been very pleased with Europe on any number of fronts and especially given the fact that there's been a fair amount of disruption for the people who work in that business between the

i think we've been very pleased with europe on any number of fronts and especially given the fact that there's been a fair amount of disruption for the people who work in that business between the


We're also seeing opportunities for growth within the outdoor advertising segment, both domestically and internationally as digital conversion for existing and new sites drives better economics for the tenants.

we're also seeing opportunities for growth within the outdoor advertising segment both domestically and internationally as digital conversion for existing and new sites drives better economics for the tenants


As Lei mentioned, there were some very encouraging signs in terms of our number of customers, live videos as well as pipeline for new customers. We're obviously very focused on execution for this business.

as lay mentioned there were some very encouraging signs in terms of our number of customers live videos as well as pipeline for new customers we're obviously very focused on execution for this business


In recent months, we've seen fairly rapid increases in raw material cost in Asia Pacific, led largely by supply-side considerations, including stricter application of environmental regulation in China and other factors.

in recent months we've seen fairly rapid increases in raw material costs in asia pacific led largely by supply-side considerations including stricter application of environmental regulation in china and other factors


So we would enrich the mix. And when we talk about mix enrichment, there is no restriction in our debt renegotiation agreement.

so we would enrich the mix and when we talk about mix enrichment there is no restriction in our debt renegotiation agreement


just between June and December, most of the large payers just during that time, they came on board and decided to cover the procedure, so that helped a lot. The reason we are

just between june and december most of the large payers just during that time they came on board and decided to cover the procedure so that helped a lot the reason we are


Second, I want to remind everyone, that we expect a lower level of net realized performance revenues in 2018 compared to 2017, as we transition from the older vintage of funds to the newer vintage.

second i want to remind everyone that we expect a lower level of net realized performance revenues in 2018 compared to 2017 as we transition from the older vintage of funds to the newer vintage


We haven't seen the development yet of demand for breach response services type products in a large way, that's the piece of the market where we have particular IP. As regulations

we haven't seen the development yet of demand for breach response services type products in a large way that's the piece of the market where we have particular ip as regulations


And I think really good examples of that were the Aerial Re acquisition a year ago, which has proved to be a tremendous benefit to the company on many different levels that we've talked about in the past

and i think really good examples of that were the aerial reacquisition a year ago which has proved to be a tremendous benefit to the company on many different levels that we've talked about in the past


we prefer to do in buybacks rather than cash dividends for the flexibility it provides us as a company to manage capital, as well as the flexibility it provides our owners to take their cash and their tax burden as they see it.

we prefer to do in buybacks rather than cash dividends for the flexibility it provides us as a company that manages capital as well as the flexibility it provides our owners to take their cash and their tax burden as they see it


This improvement reflects the positive impact of our current initiatives to improve the inventory levels in our core businesses, and we remain focused on maintaining this key investment at the appropriate levels as we move forward.

this improvement reflects the positive impact of our current initiatives to improve the inventory levels in our core businesses and we remain focused on maintaining this key investment at the appropriate levels as we move forward


absolutely entirely -- essentially entirely from rate, which does help us to the extent of trying to hold on to as much margin as we can. However, we have typically thought about needing about 3% RevPAR growth to hold on to margin.

absolutely entirely essentially entirely from rate which does help us to the extent of trying to hold on to as much margin as we can however we have typically thought about needing about 3% revpar growth to hold on to margin


This receivables management work of automating and outsourcing workflow innovation and solutions or efficiency and effectiveness fits right in our sweet spot.

this receivables management work of automating and outsourcing workflow innovation and solutions for efficiency and effectiveness fits right in our sweet spot


The next questions come from Mark Petrie from CIBC. I think the first question was around tax rate, and we've already addressed those. So moving to the second question.

the next questions come from mark petrie from cibc i think that first question was around tax rates and we've already addressed those so moving to the second question


We have design wins in Liquid Delivery, we are penetrating new customers in weldments and precision machining, we are landing and expanding with OEMs in Korea, and we are putting pieces into place to address customers in Japan.

we have design wins in liquid delivery we are penetrating new customers in weldments and precision machining we are landing and expanding with oems in korea and we are putting pieces into place to address customers in japan


Okay. I think just to follow up with that and finalize with this, but I mean, you mentioned your win rates are doubling in those large contracts. I mean is that from these specific areas? Maybe if you could list to us maybe the top 3 areas that you think you differentiate versus your competitors

okay i think just to follow up with that and finalize with this but -- i mean you mentioned your win rates are doubling in those large contracts i mean is that -- that from these specific areas maybe if you could list to us maybe the top 3 areas that you think you differentiate versus your competitors


assistant services, inpatient, outpatient. And we want to increase the number of single rooms as well because this is now the standard that most patients require when they spend a few weeks

assistant services inpatient outpatient and we want to increase the number of single rooms as well because this is now the standard that most patients require when they spend a few weeks


to not only improve upon the automation cells they have but to bring them other capabilities or competencies where we might be using Weld Sequencer or we might be using other IoT-type applications to provide them an enhanced

to not only improve upon the automation cells they have but to bring them other capabilities or competencies where we might be using weld sequencer we might be using other iot-type applications to provide them an enhanced


As we approach the end of 2018, we are seeing momentum all around the world. We are executing on a robust pipeline of targeted opportunities across academic, translational research, CROs and cancer centers.

as we approach the end of 2018 we are seeing momentum all around the world we are executing on a robust pipeline of targeted opportunities across academic translational research cros and cancer centers


due most notably to sales in plastics being favorable with Peninsula sales being greater than the impact of the blow-molding divestiture as well as the benefit in flexibles of last year's Plastic Packaging Inc. acquisition.

due most notably to sales and plastics being favorable with peninsula sales being greater than the impact of the blow molding divestiture as well as the benefit in flexibles of last year's plastic packaging inc acquisition


The pension accounting treatment reflects the impact of a reduction in the amount of debt that the company needs to recognize at this time due to an extension of the retirement age, which results in a more gradual severance payment curve.

the pension accounting treatment reflects the impact of a reduction in the amount of debt that the company needs to recognize at this time due to an extension of the retirement age which results in a more gradual severance payment curve


But I think what we saw in Q3 was just a more drastic trend than we had seen in the previous quarters. But this has been going on for about a year. And I expect at some point -- I don't have a clear indication on when that's going to end.

but i think what we saw in q3 was just a more drastic trend than we had seen in the previous quarters but this has been going on for about a year and i expect at some point i don't have a clear indication on when that's going to end


We are currently in bid negotiations with counterparties. As part of our portfolio cleanup, we also have several smaller deals located within the Permian Basin that are currently being or soon to be marketed on EnergyNet. The

we are currently in bid negotiations with counterparties as part of our portfolio cleanup we also have several smaller deals located within the permian basin that are currently being or soon to be marketed on energy net


Now let me quickly turn to an update on our outlook for 2018. We have revised our fourth quarter guidance for 2018 to incorporate the changes in drilling programs from our partners and other expected performance.

now let me quickly turn to an update on our outlook for 2018 we have revised our fourth quarter guidance for 2018 to incorporate the changes in drilling programs from our partners and other expected performance


for more ecologically friendly packaging. I know you have capabilities across several different substrates, but can you comment about how you see that trend impacting the industry in general and Reynolds in particular?

for more ecologically friendly packaging i know you have capabilities across several different substrates but can you comment about how you see that trend impacting the industry in general and rentals in particular


our pilot programs for courseware solutions were completed, and we now have plans to grow the programs in the fall. We are exciting that this offering now includes a print companion so that students can learn in either format.

our pilot programs for courseware solutions were completed and we now have plans to grow the programs in the fall we're excited that this offering now includes a print companion so that students can learn in either format


The profit on the joint ventures comes through the equity income from investee's line, which is above of income. And the decision was made to

the profit on the joint ventures comes through the equity income from investees line which is above op income and the decision was made to


Yes. I just wanted to follow up on Ladies apparel. Just to maybe get a better assessment around what you thought the impact to the comp was in the fourth quarter? And I know that, that

yes i just wanted to follow up on ladies apparel just to maybe get a better assessment around what you thought the impact to the comp was in the fourth quarter and then i know that that


That many variables in this new law make it difficult for taxpayers to know how they will ultimately be affected. Our clients will learn if they would pay more or less under the new tax law, and then determine how to appropriately adjust their withholding.

the many variables in this new law make it difficult for taxpayers to know how they will ultimately be affected our clients will learn if they would pay more or less under the new tax law and then determine how to appropriately adjust their withholding


right? So if for some reason one or 2 of them don't work out, we will not let that linger. We do not have a pride of authorship. We will make a move, if we have to, to pull that inventory back in and get out of that lease. And so

right so we -- if for some reason one or two of them don't work out we will not let that linger we will -- do not have a pride of ownership we will make a move if we have to to pull that inventory back in and get out of that lease and so


In addition, our market share growth has outpaced single-family housing starts since the fourth quarter of 2016, which we believe is in part a strong testament to the high quality and value of our SmartSide offering.

in addition our market share growth has outpaced single-family housing starts since the fourth quarter of 2016 which we believe is in part a strong testament to the high quality and value of our smart site offering


where are we right now and where do we go to. And it considers the entire form factor that is launched, excluding the VA business that we have not yet launched it in. So Tom, it's not just top of the line,

where are we right now and where do we go to and it considers the entire form factor that is launched excluding the va business that we have not yet launched it in so tom it's not just top of the line


Yes. I'd say the main thing we've learned globally is we've got to help our customers get to field trials so that they're actually deploying the products in the field.

yes i'd say though the main thing we've learned globally is we've got to help our customers get to field trials so that they're actually deploying the products in the field


Our foundation was built on our ability to provide high-level professional services and counsel. And while we've done extremely well in the actual work, we have not kept pace with our skills in developing client opportunities in new business.

our foundation was built on our ability to provide high-level professional services and counsel and while we've done extremely well in the actual work we have not kept pace with our skills in developing client opportunities and new business


Before discussing guidance, I want to remind you that we give annual guidance. While we are pleased to start the year off very profitably, given seasonality, it is a relatively small profit as compared to our annual guidance.

before discussing guidance i want to remind you that we give annual guidance while we are pleased to start the year off very profitably given seasonality it is a relatively small profit as compared to our annual guidance


The business improvement initiatives across procurement activities and logistics have offset some of the headwinds. We expect, however, to close much of this gap in the second half of the year.

the business improvement initiatives across procurement activities and logistics have offset some of the headwinds we expect however to close much of this gap in the second half of the year


The improvement was driven by our operating performance, including the increased margin contributions from many of our recently acquired hospitals. As you can see from our results this quarter, we believe that our strategy is working.

the improvement was driven by our operating performance including the increased margin contributions from many of our recently acquired hospitals as you can see from our results this quarter we believe that our strategy is working


Could you talk a little bit more about the Agility business and what kind of growth you could see in that area of the company. I know, it's a small part, but that seems to me that you might be able to get some substantial growth there. Could you expand on that a little bit?

could you talk a little bit more about the agility business of what kind of growth you could see in that area of the company i know it's a small part but that seems to me that you might be able to get some substantial growth there could you expand on that a little bit


We also continually monitor comments on social media to ensure that we are getting unfiltered feedback from various survey channels. Our mission is to always keep a close watch on the sentiment and satisfaction of our owners.

we also continually monitor comments on social media to ensure that we're getting unfiltered feedback from various survey channels our mission is to always keep a close watch on the sentiment and satisfaction of our owners


But overall when we look at our competitive indices and we track this very closely with a basket of competitors across our entire business, we're not seeing a lot of price inflation in the market.

but overall when we look at our competitive indices and we track this very closely with a basket of competitors across our entire business we're not seeing a lot of price inflation in the market


Although inventories at Chinese ports are relatively high, we expect them to trend downward over the next couple of months as construction activity and log takeaway have ramped up to more normal levels following the Lunar New Year holiday.

although inventories at chinese ports are relatively high we expect them to trend downward over the next couple of months as construction activity and log takeaway have ramped up to more normal levels following the lunar new year holiday


Our team knows what needs to be done this year and is fighting to deliver our key results. On behalf of the team here at Hormel Foods, thank you for joining us today, and have an enjoyable long weekend.

our team knows what needs to be done this year and is fighting to deliver our key results on behalf of the team here at gourmet foods thank you for joining us today and have an enjoyable long weekend


So if somebody just transacts less but still does all of their banking with Nedbank, they could fall out of our technical definition of main banked customers, but I think your point is well made. It is certainly a very difficult target,

so if somebody just transacts less but still does all of their banking with nedbank they could fall out of our technical definition of main bank customers but i think your point is well made we -- it is certainly a very difficult target


and we believe it does offer all of our stakeholders an opportunity for accelerated growth and rewards our patient shareholders. I'll have more to say on this later in my prepared remarks.

and we believe it does offer all of our stakeholders an opportunity for accelerated growth and rewards our patient shareholders i'll have more to say on this later in my prepared remarks


that will offset that and protect us. And then we will just continue to monitor it. And even if tariffs come through and stay in the present sense that they are and we get no relief on the codes,

that will offset that and protect us and then we will just continue to monitor it and even if tariffs come through and stay in the present sense that they are and we get no relief on the codes


As described in our filings with the SEC, these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed, and we are not obligated to publicly update or revise these forward-looking statements.

as described in our filings with the sec these statements are subject to numerous risks and uncertainties that could cause future results to differ from those expressed and we are not obligated to publicly update or revise these forward-looking statements


Despite the volatility this business contributes to our quarterly flow reporting and fee rates averaging only 5 basis points annually, we continue to view exposure management as a core offering with solid profitability and good growth prospects.

despite the volatility this business contributes to our quarterly flow reporting and fee rates averaging only 5 basis points annually we continue to view exposure management as a core offering with solid profitability and good growth prospects


In scotch, momentum on Johnnie Walker, our flagship scotch brand and primary scotch, has continued, while performance on some of our other scotch brands was impacted by challenging conditions in a few markets.

in scotch momentum on johnnie walker our flagship scotch brand and primary scotch has continued while performance on some of our other scotch brands was impacted by challenging conditions in a few markets


We've done this with a shift from a seeding model with presence in 3 cities to national presence and also expanding from trend-leading accounts into the broader premium accounts universe.

we've done this with the shift from a ceding model with presence in 3 cities to national presence and also expanding from trend leading accounts into the broader premium accounts universe


Given the recent periods of volatile exchange rate fluctuations, we've seen larger differences between these internal standard FX rates and the actual foreign exchange rates. As a result, we updated our internally derived standard currency exchange rates

given the recent periods of volatile exchange rate fluctuations we've seen larger differences between these internal standard fx rates and the actual foreign exchange rates as a result we updated our internally derived standard currency exchange rates


But you're also catching up -- you're taking previous expenses and capitalizing those at the start of the year. So there's going to be an in and out that we're still evaluating. So we've kept that out of what we talked about this morning. Certainly not our choice.

but you're also catching up you're taking previous expenses and capitalizing those at the start of the year so there's going to be an in and out that we're still evaluating so we've kept that out of what we talked about this morning certainly not our choice


We certainly understand the need to communicate developments of this plan as they occur. We will do so when we are ready for both our Green Plains shareholders and our partnership unitholders. As I said earlier, we will remain focused on proving value for our shareholders.

we certainly understand the need to communicate developments of this plan as they occur and we will do so when we are ready for both our green plains shareholders and our partnership unit holders as i said earlier we will remain focused on proving value for our shareholders


being responsible for acting on physical business plans or actions that we have decided either in a country or across countries.


The completion of the farm-in to the prospective licenses adjacent to Elk-Antelope and the acquisition of our largest seismic program for 10 years in that area has the potential to mature large structures for drilling.

the completion of the farm into the prospective licenses adjacent to elk antelope and the acquisition of our largest seismic program for 10 years in that area has the potential to mature large structures for drilling


that you mentioned improve the return on invested capital. Is there sort of other businesses that might be dragging that down? And are you sort of looking to optimize the entire portfolio that way? Or do you feel good about where everything sits currently?

that you mentioned improved the return on invested capital is there sort of other businesses that might be dragging that down and are you sort of looking to optimize the entire portfolio that way or are you -- do you feel good about where everything sits currently


fighters and transport. So today, we are very well positioned from a share standpoint on the military side of the house. And quite frankly, if you think about the new military platforms and programs,

fighters and transports so today we are very well positioned from a share standpoint on the military side of the house and quite frankly if you think about the new military platforms and programs


However, given the increasingly competitive gene therapy landscape in Pompe, we've made the decision not to provide further specifics on the nature of our findings or the resultant changes we have made in our construct design.

however given the increasingly competitive gene therapy landscape in pompe we've made the decision not to provide further specifics on the nature of our findings or the resultant changes we've made in our construct design


Let us now move to Slide 12, where we can see a better picture of the described growth acceleration in the group revenues, which can be explained through a combination of higher usage and price adjustments.

let us now move to slide 12 where we can see a better picture of the described growth acceleration in the group revenues which can be explained through a combination of higher usage and price adjustments


as we benefit from disciplined pricing strategies and investments to improve safety and efficiency. We expect this to continue and look for this segment to have one of its best years in over a decade.

as we benefit from disciplined pricing strategies and investments to improve safety and efficiency we expect this to continue and look for this segment to have one of its best years in over a decade


We are prioritizing those product candidates where we can create clinical benefits and commercial value using our Corplex technology while also taking advantage of the streamlined bioequivalence pathway where possible.

we are prioritizing those product candidates where we can create clinical benefits and commercial value using our corplex technology while also taking advantage of the streamlined bioequivalence pathway where possible


we never had it in any of our forecasts. So it's historically -- it goes back a number of years. We never expected to receive those allowances and Ofgem did it outside of the mid-period review and just tidied that up actually in terms of the allowances.

we never had it in any of our forecasts so it's historically -- it goes back a number of years we never expected to receive those allowances and offchem did it outside of the mid-period review and just tidied that up actually in terms of the allowances


at 0 for the first half of this year. We are very pleased with this result. It's also a KPI that our clients pay a lot of attention to. And we, of course,

at 0 for the first half of this year we are very pleased with this result it's also a kpi that our clients pay a lot of attention to and we of course


What made us great was a crystal clear focus on owning classic, iconic style and putting an effortless twist to it to make it current and desirable. We will become more true to our core

what made us great was a crystal-clear focus on owning classic iconic style and putting an effortless twist to it to make it current and desirable we will become more true to our core


We also remained quite active fundraising for our open-end funds, even though the net flow environment has been challenging in strategies such as convertibles and senior loans, given the market headwinds for these asset classes.

we also remain quite active fundraising for our open-end funds even though the net flow environment has been challenging in strategies such as convertibles and senior loans given the market headwinds for these asset classes


and we are seeing very good activity in our submarkets with consistent demand and a steady pipeline of potential deals for our well-located modernized office and retail properties.


initiatives undertaken at Bell Media and Bell Wireline in Q4 of '15. We also took advantage of favorable market conditions and a sustained low interest rate environment during the quarter to successfully complete

initiatives undertaken at bell media and bell wireline in q4 of '15 we also took advantage of favorable market conditions and a sustained low interest rate environment during the quarter to successfully complete


Today's call will also include a discussion of certain non-GAAP measures, including adjusted EBITDA and free cash flow. You will find a reconciliation of each of these items as well as other information about our use of these non-GAAP measures

today's call will also include a discussion of certain non-gaap measures including adjusted ebitda and free cash flow you will find a reconciliation of each of these items as well as other information about our use of these non-gaap measures


While the latest developments with ZTE and Huawei create new uncertainties, it's important to note that MACOM supplies technology and products that are not readily replicated by anyone anywhere, including China.

while the latest developments with zte and huawei create new uncertainties it's important to note that macom supplies technology and products that are not readily replicated by anyone anywhere including china


we'll probably, for the first time, over the next 6 to 12 months are going to be in a position to run this mine at a steady state albeit at a reduced tonnage. The reduced tonnage, obviously, doesn't help

we're probably for the first time over the next 6 to 12 months are going to be in a position to run this mine at a steady state albeit at a reduced tonnage the reduced tonnage obviously doesn't help


Do you believe that we have the right conditions to implement this adjustment? Will this depend case-by-case? Could you please give me your prospect regarding

do you believe that we have the right conditions to implement this adjustment will this depend case by case could you please give me your prospect regarding


Of course, it is very difficult to predict the future. But if I may explain the current forecast for this fiscal year only, the price will not be pegged to Russia's third-party prices or the market price.

of course it is very difficult to predict the future but if i may explain the current forecast for this fiscal year only the price will not be pegged to russia's third-party prices or the market price


We've always said that, that business for us was about intimacy, it was about getting us close to our customer and better understanding what they were doing relative to packaging and that, that would give us opportunities to produce packaging for them.

yes we've always said that that business for us was about intimacy it was about getting us close to our customer and better understanding what they were doing relative to packaging and did that give us opportunities to produce packaging for them


The good news is the work that we've been doing on testing, I think, is going to pay off for us as we get the first-line indication and the obstacle goes away for second line. So I'm very encouraged and excited about the opportunity to launch in first line, for sure.

the good news is the work that we've been doing on testing i think is going to pay off for us as we get the first line indication and the obstacle goes away for second line so i'm very encouraged and excited about the opportunity to launch in first line for sure


We have already explained the market drivers. We had very good concentrates throughput. So quite an increase compared to the last year, which is of course, also to the fact that Fit For Future,

we have already explained the market drivers we had a very good concentrate throughput so quite an increase compared to the last year which is of course also due to the fact that fit-for-future


The increase was due to higher volumes on our Texas NGL pipelines and our Mariner East system and higher throughput at the Lone Star fractionators, partially offset by a decrease in our optimization and marketing group,

the increase was due to higher volumes on our texas ngl pipelines and our mariner east system and higher throughput at the lone star fractionators partially offset by a decrease in our optimization and marketing group


We hope to have more details to share by the end of Q2, but progress is in hand. Our commitment to doing the right real estate deal for the long term at both of these locations will pay off as they are strong assets in their respective in North Bay markets.

we hope to have more detail to share by the end of q2 but progress is in hand our commitment to doing the right real estate deal for the long term of both of these locations will pay off as they are strong assets in their respective fredericton and north bay markets


Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Movida and could cause results materially different from those expressed in such forward-looking statements.

investors should understand that general economic conditions industry conditions and other operating factors could also affect the future results of movida and could cause results materially different from those expressed in such forward-looking statements


We also have a plan to pursue a multi-app strategy, focusing in particular on some of our traditional Stepper titles that we expect will generate a great deal of player interest, and

we also have a plan to pursue a multi-app strategy focusing in particular on some of our traditional step titles that we expect will generate a great deal of player interest and


With that, I'll turn the call to Cathy to talk about financial results and guidance. Thank you, Mary. I'll start by discussing our capital markets activity and balance sheet, followed by our financial performance for the third quarter.

with that i'll turn the call to cathy to talk about financial results and guidance thank you barry i'll start by discussing our capital markets activity and balance sheet followed by our financial performance for the third quarter


In addition to our strong print leadership, we continued to invest in our brand, in digital technology and extending our sales channel reach and in improving our infrastructure.

in addition to our strong print leadership we continue to invest in our brand in digital technology in extending our sales channel reach and in improving our infrastructure


Good morning, everyone, and thanks for joining us. This morning, we announced strong results for the third quarter of fiscal 2019, primarily reflecting continued robust aerospace industry demand for our flight deck printers and associated supplies.

good morning everyone and thanks for joining us this morning we announced strong results for the third quarter of fiscal 2019 primarily reflecting continued robust aerospace industry demand for our flightdeck printers and associated supplies


So if you kind of go run all that calendar algebra that would probably put you into the first week of December, before you'd be in a position to go raise equity.

so if you kind of go run all that calendar algebra that would probably put you into the first week of december before you'd be in a position to go raise equity


On the labor front, we continue to see average unemployment to be around 10%, and we expect it to continue to be around those levels, and it would only improve and go down to single digits after the economy grows close to the 3% area.

on the labor front we continue to see average unemployment to be around 10% and we expect it to continue to be around those levels and it would only improve and go down to single digits after the economy grows close to the 3% area


over in 2019. Collectively, at all of the above noted projects, we can count many, many billions of dollars of recent, current and planned capital investments, for which we will fully benefit while never receiving a cash call.

over in 2019 collectively at all of the above-noted projects we can count many many billions of dollars of recent current and planned capital investments for which we will fully benefit while never receiving a cash call


Unless you are a fair routine, if you have no dancers or other entertainers to help you, then consumers will find -- will not find your show entertaining enough.

unless you are fei yuqing if you have no dancers or other entertainers to help you then consumers will find -- will not find your show entertaining enough


as we continue to replace legacy systems like Avaya, Cisco, and Genesys with our modern cloud technology. This release changes the game by expanding our reach to very large global enterprises supporting many thousands of agents.

as we continue to replace legacy systems like avaya cisco and genesis with our modern cloud technology this release changes the game by expanding our reach to very large global enterprises supporting many thousands of agents


as we aspire to be a leading provider of urban workspace in all major Canadian cities. We made progress in Vancouver last year and will make further progress this year.

as we aspire to be a leading provider of urban workspace in all major canadian cities we made progress in vancouver last year and we'll make further progress this year


this comes from a management team and board with substantial holdings of common equity. So here's the bottom line for our equity investors. First, we're taking off whatever pressure that our common equity issuances were having on the stock.

and this comes from a management team and board with substantial holdings in common equity so here's the bottom line for our equity investors first we're taking off whatever pressure that our common equity issuances were having on the stock


and a business that, in my opinion, increased government spending doesn't affect us because we're simply not going to pursue significant growth in a business that at best generates 2% pretax margins

and a business that in my opinion increased government spending doesn't affect us because we're simply not going to pursue significant growth in a business that at best generates 2% pretax margins


This is a good indicator of much improved political relationship between the federal government and the Kurdistan Regional Government. We are very happy to deepen our investments in the Kurdistan Region of Iraq.

this is a good indicator of much improved political relationship between the federal government and the kurdistan regional governments we are very happy to deepen our investments in the kurdistan region of iraq


No, no decisions. It's tough because in some of those strategies, we see potential. And one always thinks that you're just around a turning point where they can become more economic.

no no decisions it's tough because in some of those strategies we see potential and one always thinks that you're just around a turning point where they can become more economic


One, it's a great tasting product. But the other thing is it opens up optionality for us in a whole range of new categories where we feel like we have unique products, unique capabilities, and the Buffalo Wild Wings brand is just

one it's a great tasting product it's -- but the other thing is it opens up optionality for us in a whole range of new categories where we feel like we have unique products unique capabilities and the buffalo wild wings brand is just


I think, having the competitive capabilities of both is obviously an advantage because I think you can think through a continuing environment where both can have certain appeal depending on the needs of that adviser.

i think having the competitive capabilities of both is obviously an advantage because i think you can think through a continuing environment where both can have certain appeal depending on the needs of that adviser


So if you look at the revision we made to our guidance, we lowered our full year estimate of production by 1.1 million barrels of oil equivalent, and all of that is essentially from expected lower gas and NGL production from our Eagle Ford asset.

so if you look at the revision we made to our guidance we lowered our full year estimate of production by 1 1 million barrels of oil equivalent and all that is essentially from expected lower gas and ngl production from our eagle ford asset


First of all, I don't know, so let me be clear about that. It is very clear, as you all know from doing incremental margin calculation, that the platform business is a wholly different business. However,

first of all i don't know so let me be clear about that it is very clear as you all know from doing incremental margin calculations that the platform business is a wholly different business however


We ended the quarter on a stronger -- in a stronger financial position with the flexibility to continue investing in attractive projects for long-term value creation while also returning cash to our shareholders through share repurchases and dividends.

we ended the quarter on a stronger -- in a stronger financial position with the flexibility to continue investing in attractive projects for long-term value creation while also returning cash to our shareholders through share repurchases and dividends


And we know the Internet is going to be an important channel for this industry going forward, and we have to have it, and we didn't have it. So the test that were doing in the fourth quarter is going to be limited to one of our states.

and we know that the internet is going to be an important channel for this industry going forward and we have to have it and we didn't have it so the test that we're doing in the fourth quarter is going to be limited to one of our states


And we wanted to make sure that we're looking at all our options on an NF3. Do we expand in Korea, or do we build a new greenfield site. And that's the part of the work that we're finalizing at this point in time.

and we wanted to make sure that we're looking at all our options on an nf3 do we expand in korea or do we build a new greenfield site and that's the part of the work that we're finalizing at this point in time


it would be inappropriate to just add it on to what we talked about earlier because you need to allow us to go back in and allocate the capital that meets with the -- our objectives of generating the free cash flow for the company.


while we may not be group supervised by the Fed, we will continue to be group supervised by New Jersey and we continue to deal with developments that are occurring on the international front. And so there's a level of spending that we expect

while we may not be group supervised by the fed we will continue to be group supervised by new jersey and we continue to deal with developments that are occurring on the international front and so there's a level of spending that we expect


We saw some very encouraging results, but we're not running on all cylinders and we still have work to do. It's about customer, brand, assortments and merchandising. Our job now is to get them all aligned.

we saw some very encouraging results but we're not running on all cylinders and we still have work to do it's about customer brand assortments and merchandising our job now is to get them all aligned


an accomplishment that few CROs can claim. We believe it's a testament to the value our clients place on our contribution to their research efforts, and we work every day to enhance that value.

an accomplishment that few cros can claim we believe it's a testament to the value our clients place on our contribution to their research efforts and we work every day to enhance that value


continues to be one of the most critical components of the effective execution of our business strategy, which is the foundation for our future growth. By leveraging the investments we have made and new ones we intend to make

continues to be one of the most critical components of the effective execution of our business strategy which is the foundation for our future growth by leveraging the investments we have made and new ones we intend to make


Joe? Thank you, Doug. I will now continue with the earnings presentation of our results. Slides 8 and 9 present a snapshot of how we will report results as a combined company.

joe thank you doug i will now continue with the earnings presentation of our results slides 8 and 9 present a snapshot of how we will report results as a combined company


During our third quarter we will experience an inflection point where net commodity cost pressures become a tailwind instead of a headwind. Please turn to Slide 4. I want to briefly review our global businesses.

during our third quarter we will experience an inflection point where net commodity cost pressures become a tailwind instead of a headwind please turn to slide 4 i want to briefly review our global businesses


We're reintegrating this business and we stood the business back up this quarter. We're focused on improving the business fundamentals and we're lapping difficult first half comps. Additionally, we're increasing -- materially increasing investment spend

we're reintegrating this business and we stood the business back up this quarter we're focused on improving the business fundamentals and we're lapping difficult first half comps additionally we're increasing materially increasing investment spend


Jason brings strong operational finance leadership capabilities and will lead the finance team to deliver the visibility, accountability and insights to our financial and operational performance that only finance can deliver.

jason brings strong operational finance leadership capabilities and will lead the finance team to deliver the visibility accountability and insights to our financial and operational performance that only finance can deliver


we went into the quarter with a certain expectation around what we needed in terms of operating expenses, came out of it a little bit lighter than we anticipated. That's really the primary driver.

we went into the quarter with a certain expectation around what we needed in terms of operating expenses came out of it a little bit lighter than we anticipated that's really the primary driver